Ethereum price is showing bearish signs below $1,700 against the US Dollar. ETH could continue to move below the $1,600 level.
- Ethereum is down 5% and there was a move below the $1,720 support.
- The price is trading below $1,700 and the 100 hourly simple moving average.
- The bears are fighting near a key downtrend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could struggle to rally above the $1,680 and $1,700 resistance levels.
Ethereum price falls 5%
Ethereum price failed to pick up pace for a move above the $1,780 resistance. ETH reacted lower below the $1,720 support after the Fed’s interest rate decision, similar to Bitcoin.
There was a clear move below the $1,700 and $1,640 support levels. The price declined more than 5% and traded near $1,630. A low is formed near $1,630 and the price is now consolidating losses. It is trading below $1,700 and the 100 hourly simple moving average.
There is also a key bearish trend line forming with resistance near $1,740 on the hourly chart of ETH/USD. Immediate resistance is near the $1,660 level or the 23.6% Fibonacci retracement level of the recent drop from the $1,749 high to $1,630 low.
The next major resistance is near the $1,680 level. The first major resistance is near $1,700 or the 61.8% Fibonacci retracement level of the recent drop from the $1,749 high to $1,630 low. A proper move above the $1680 and $1700 resistance levels could start a steady rally wave.
Fountain: ETHUSD on TradingView.com
The next resistance lies near $1,740 and the trend line, above which Ethereum could rally towards the $1,780 level. Further gains above the $1,780 resistance zone could send the price looking towards the $1,850 resistance.
More losses in ETH?
If Ethereum fails to clear the $1,700 resistance, it could continue moving lower. Initial support on the downside is near the $1,630 level and the recent low.
The next big support is near the $1,600 level. If there is a break and close below the $1600 support, the price could accelerate lower towards the $1550 support. Any further losses could perhaps send the price towards the $1,500 zone.
technical indicators
MACD per hour – The MACD for ETH/USD is gaining momentum in the bearish zone.
RSI per hour – The RSI for ETH/USD is now below the 50 level.
Major Support Level: $1,600
Highest Resistance Level: $1,700
